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🟢 Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $31,000 Following Prime Trust Liquidation 👉 After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900. 🪙 Bitcoin (BTC) consolidated on Wednesday, as traders opted to secure profits following a recent bull run. 🔼 BTC/USD broke out of a key resistance level at $30,800 on Tuesday, on its way to a peak at $31,006.79 late in yesterday’s session. However, take profit orders seemed to have been triggered, with bitcoin dropping to an intraday low of $30,169.78 today. 🔷Additionally, ethereum (ETH) also edged lower on Wednesday, with price once again falling under the $1,900 mark. 🔽 After Tuesday’s peak at the $1,911.31 mark, ETH/USD slipped to a bottom at $1,850.87 earlier in today’s session. This low has acted as an interim point of support for previous bulls, who typically go on to push prices higher from this level.

🇬🇧Study Shows Bank of England’s Rising Interest Rates Threaten 1.2 Million UK Households With Insolvency 🔥 The Bank of England made an impactful move last Thursday, June 22, 2023, as it raised the benchmark bank rate to 5%, marking a significant 0.5 percentage point increase. 🌟 This decision catapults the central bank’s rate to its highest level since 2008 and represents the most substantial surge in three months. ➡️ Coinciding with this development, the National Institute of Economic and Social Research (NIESR) published a study on the same day, asserting that the escalated interest rates would translate into elevated mortgage payments, potentially pushing 1.2 million households in the U.K. towards insolvency in 2023.

🔩 Bitcoin, Ethereum Technical Analysis: BTC Above $30,000, ETH Hits $1,900 Following Moving Average ‘Death Cross’ 📌 Bitcoin extended recent gains on Thursday, climbing above the $30,000 level for the first time since April, and ahead of Fed Chair Powell’s testimony today. The move also came following a death cross of moving averages, which prompted bulls to intensify buying pressure. Ethereum moved to a multi-month high. ⚫️Bitcoin moved above the $30,000 level in today’s session, ahead of a testimony by the chair of the Federal Reserve, Jerome Powell. ⚫️Powell will be speaking today for the first time since the Fed’s decision to keep interest rates unchanged in June. ⚫️This is the strongest point that bitcoin has hit since April 14, when price reached a top at $31,050. ⚫️Another major catalyst for the move was a crossover of moving averages (MA), with the 10-day (red) MA, moving above its 25-day (blue) counterpart. ⚫️In addition to this, the relative strength index (RSI) has also marginally broken out of a ceiling at 70.00, and is now tracking at 70.88. ⚫️Additionally, ethereum (ETH) also made significant gains on Thursday, rising above $1,900 in the process. ⚫️Following a low at $1,812.37 on Wednesday, ETH/USD surged to an intraday high of $1,932.07 earlier in today’s session. ⚫️This was the highest level that ethereum had hit since May 6, which is the last time price was over $2,000. ⚫️Today’s rally also pushed the RSI to a resistance level at 61.00, a point that it has so far been unable to move past.

🪙 Bitcoin Technical Analysis: BTC Consolidates on Monday, After Recovering Recent Losses ➡️Bitcoin consolidated Monday, after recovering recent losses over the weekend, setting the stage for a potential rally this coming week. Price traded close to a one-week high on Monday, marginally below a key resistance level. Ethereum also rebounded, and is now hovering near a support point of its own. ⚙️ After dropping to a three-month low last week, bitcoin (BTC) has since rebounded, trading close to a one-week high on Monday while seeing consolidation. ⚡️BTC/USD hit an intraday peak of $26,675.93 to start the week, which is its strongest point since June 11. 🔴The move pushed price close to a key resistance level of $26,800, which is typically the last line of defense before heading to $27,000.

⚠️ Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, as Markets Digest US Retail Sales Data 🟢 Bitcoin rose back above $25,000 on Friday, as markets continued to digest recent U.S. economic data. Yesterday saw retail sales climb higher than expected, rising by 0.3% in May, better than a projected decline of 0.1%. Ethereum moved closer to the $1,700 level. 🪙 Bitcoin chart by TradingView 🌟 Despite today’s $1,000 jump in price, the relative strength index (RSI) still remains below a resistance of its own at 42.00 🌟 Ethereum (ETH) made relative gains in today’s session, as the cryptocurrency moved back towards the $1,700 level. ETH/USD reached a high of $1,676.41 on Friday, less than 24 hours after nearing a breakout below $1,600. 🔷 Ethereum chart by TradingView 🌟 Similar to BTC above, price strength has since climbed, and is currently at a reading of 33.39, which is still bearish. 🌟Traders will likely look to March, which is the last time the index tracked at this mark, shortly before prices went on to climb over $500 higher.

🇺🇸Majority of Americans Hesitant to Embrace Central Bank Digital Currency, Survey Finds 📣 A recent poll conducted by the Cato Institute and public opinion firm Yougov reveals that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings indicate that support for a CBDC remains relatively low among survey respondents. 👏 From February 27 to March 8, 2023, they polled 2,126 individuals, inquiring about their stance on a CBDC under various circumstances. 💭 In general, as far as a CBDC with no set criteria, 34% of Americans oppose the U.S. central bank launching a CBDC and 16% favor the idea. Interestingly, nearly half of those surveyed (49%) did not have a clear opinion on the matter, which may be due to a lack of familiarity with the concept; in fact, 72% of respondents admitted to being unfamiliar with CBDCs. ❌ Looking ahead, only 22% of those polled believe that an American CBDC is likely to launch, while the majority (78%) do not anticipate such a development. ❕According to the survey, the most attractive aspect of a CBDC was its purported ability to combat money laundering and financial crime.

🪙Singapore's Crypto to Halt US Institutional Division Citing ‘Limited Demand’ 🇸🇬Crypto, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States. ✅ News, emphasized that Crypto’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition. 🔥 A spokesperson from Crypto spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto Arena in Los Angeles. Crypto emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a 🤝partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto obtained a major payment institution license from the Monetary Authority of Singapore (MAS).

🚨Former Minnesota Vikings Co-Owner Slapped With 75 Month Jail Term for Processing $750M Worth of Crypto Transactions 🔴The U.S. Attorney for the Southern District of New York announced on June 5 that Reginald Fowler, the former co-owner of Minnesota Vikings, has been sentenced to 75 months in prison “for arranging to process more than 💵 $700 million of unregulated transactions” on behalf of cryptocurrency exchanges. 👉As per a statement issued by U.S. Attorney Damian Williams, Fowler was also punished for misrepresenting the true nature of his business and for lying about his net worth. Detailing Fowler’s alleged criminal activities which also threatened the country’s financial system. Concerning Fowler’s reported acquisition of a significant stake in the American football league, the statement claimed that the former co-owner of the 👀Minnesota Vikings had “falsely claimed personal ownership of GTS funds that, in fact, belonged to clients of his illegal money transmission service.” ✅In addition, U.S. attorneys also accused Fowler of failing to disclose to the AAF the seizure of GTS funds by the government just before his investment in the league.

🇯🇵 Japan Sends Warning to ChatGPT Creator OpenAI about Collecting Private User Data without Consent ‼️ Through its privacy commission, Japan issued a warning and threatened to take action against 🤖 OpenAI if it violates any privacy regulation. 🍌 Japan’s privacy agency has announced it issued a warning to OpenAI on using or collecting user data. The Personal Information Protection Commission (PPC) urged the ChatGPT creator to only collect sensitive information with consent from users. 🔩 In the statement, the privacy watchdog suggests it is currently not investigating OpenAI for any breach of privacy or unauthorized collection of user data. However, it called on the company to 🔵“reduce the risk to the rights and interests of individuals”. The commission also said it would take action if any violation occurs. 🟢 In addition to warning OpenAI, the agency also cautioned firms in Japan about handling private data. The PPC urged companies that handle personal data and agencies using AI to function within the limits of lawful operations.

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🔔 Lula Proposes to Revitalize South America Union USAN; Reinforces Need of Shifting Away From US Dollar ➡️ Luiz Inacio “Lula” Da Silva, President of Brazil, remarked on the need to retake South American integration mechanisms through the Union of South American Nations (USAN). ❎Lula also proposed to shift away from the U.S. dollar by using a standard reference currency for bilateral settlements among countries in the region. While giving the opening speech of a summit with the presence of 11 presidents of South America, 👍Lula stated that the region should rebuild its integration method to face the hurdles of the ongoing globalization process. 🔩 Lula reinforced the need for integration in South America, explaining that “No country can face today’s systemic threats alone.” “Only by acting together can we overcome them,” Lula concluded. 🦌 Lula also proposed USAN implement currencies different from the U.S. dollar in settling bilateral payments in the region and rescuing naive credit mechanisms to avoid relying on international financial institutions like the International Monetary Fund (IMF).

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❕Latam Insights — Venezuelan Gold Battle Continues, Argentina Seeks Yuan Funding Extension 🟢Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables bitcoin purchases in more than 55,000 stores in Colombia and Costa Rica. ➡️The Venezuelan government has introduced a new appeal to try and regain control of the Venezuelan gold held in the vaults of the Bank of England. ❕According to the appeal presented before the London Court of Appeals by the party representing the Central Bank of Venezuela board controlled by President Nicolas Maduro, the disbandment of the interim government of Juan Guaido on January 2022 changes the case’s background. ➡️The government of Argentina will seek an extension of the available amount of a swap line established by the Chinese government to continue financing its imports.

✨Silver Set to Shine: Citigroup Analysts Forecast $30 Value in Next 6-12 Months 🔼Citigroup analysts foresee a significant increase in silver’s value, potentially hitting $30 per unit within the next 6-12 months, according to the multinational bank’s latest silver assessment. The experts at Citi predict an ongoing decline of the U.S. dollar and anticipate a decrease in the federal funds rate at some point. On Thursday, May 25, 2023, the price of silver per ounce lingers just above the $23 mark after experiencing nearly a 4% decline over the past week. Nevertheless, half-year data reveals that silver has 🔼 risen 6% against the U.S. dollar. 🔵We think recent price weakness offers a strong dip-buying opportunity, reiterating our call for $30/oz silver over the next 6-12 months as U.S. growth rolls over, even if emerging markets growth stagnates, - stated Citi’s market strategists. 👉The financial specialists at Citi are not alone in their optimism toward precious metals. In Citi’s most recent report on silver, their analysts declared that “silver would rally in anticipation of the fall in U.S. interest rates and real yields that will likely accompany an anticipated rollover in U.S. growth.” 📔Currently at just above $23 per ounce, silver will need more than a 30% boost to reach Citi’s projected price target.

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🔥Bitcoin, Ethereum Technical Analysis: Dollar Weakness Pushes BTC Higher, as Biden Fails to Secure Debt Deal 🔴Bitcoin rebounded on Tuesday, as a result of weakness in the U.S. dollar, following failed talks to tackle the debt ceiling crisis. President Biden stated, “We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement.” 🟢Bitcoin (BTC) rose above $27,000 on Tuesday, as a result of weakness in the greenback, following failed talks to increase the U.S. debt ceiling. 🟢After dropping to a low of $26,714.18 to start the week, BTC/USD surged to a peak of $27,434.68 earlier today. 🟢Tuesday’s gains saw bitcoin marginally break out of a resistance level at the $27,300 mark. 🟢This coincided with the relative strength index (RSI) climbing above a ceiling of its own, at 44.00. 🟢At the time of writing, the index is now tracking at 47.10, with an upcoming zone of 50.00 a likely target for bulls. 🟢Should they reach this point, there is a reasonable chance that bitcoin will trade above $27,600. 🟢Ethereum (ETH) also surged higher in today’s session, as prices continued to move away from a key level of support. 🟢ETH/USD hit an intraday high of $1,869.34 on Monday, 24 hours removed from trading at a bottom of $1,809.54. 🟢The move came as the world’s second largest cryptocurrency bounced away from a recent floor at $1,790. 🟢Looking at the chart, today’s surge comes following a slight breakout of a ceiling on the RSI at the 50.00 mark. 🟢As of writing, price strength is now tracking at 51.97, with the next visible level of resistance at 55.00.

🔥Biggest Movers: XRP Bulls Take Profits Following 6-Day Winning Streak XRP was marginally lower on Saturday, as bulls seemingly secured gains, following a recent six-day winning streak. The token, which has risen by nearly 10% in the past week, remains close to a three-week high. Polkadot remained in the green to start the weekend. ➖XRP, formerly ripple, remained close to a multi-week high to start the weekend, despite bulls moving to secure recent gains. ➖Following a peak at $0.4738 on Friday, XRP/USD declined to a bottom at $0.4627 earlier in the day. ➖Despite the decline, XRP remained close to its strongest point since April 30, when the price reached a top of $0.4818. ➖Looking at the chart, one of the catalysts of the move appeared to be a breakout on the relative strength index (RSI). ➖The index moved beyond the ceiling of 54.00, and as of writing, is now tracking at 56.09. ➖Bulls are likely targeting the $0.4800 mark, and could reach it this weekend, should the RSI move towards its next point of resistance at 59.00. ➖In addition to XRP, Polkadot (DOT) extended its own gains on Saturday, as the token rose for a second straight session. ➖DOT/USD climbed to a high of $5.41 to start the weekend, following a low at $5.33 the day prior. ➖Saturday’s move comes as polkadot continued to move away from a recent support point at $5.30. ➖The slight increase in price has also led to the RSI moving towards resistance at 42.00, which is acting as an obstacle to further bullish pressure. ➖There is a good chance that DOT could make a run towards $6.00, should this current ceiling give way.

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🔼Tencent Q1 2023 Earnings Statement Rides High on Increased Payment Volumes, Ad Sales, Gaming Chinese tech giant Tencent saw its Q1 2023 revenue jump 11% YoY to $21.4 billion amid relaxed industrial regulations. Tencent Holdings posted its Q1 2023 results, reflecting the company’s fastest jump in quarterly revenue in over a year. 📌For Q1 2023, Tencent posted an 11% year-over-year revenue jump to 150 billion Chinese yuan ($21.4 billion) compared to analysts’ expectations of 146.09 billion yuan. The Shenzhen-based tech and entertainment conglomerate attributed the income increase to a boost in payment volumes, ad sales, and gaming. Tencent’s Q1 tech success is a far cry from late 2020 when the Chinese government imposed stricter regulations on the tech industry. 🟢In 2021, Chinese regulators suspended new video game releases and imposed strict measures on usage among young children. However, in the last few months, Beijing has softened its stance on the industry and approved more titles for release. Many expect artificial intelligence to command a decent amount of attention at Tencent’s upcoming earnings call. In its earnings statement, Tencent explained it was investing in artificial intelligence capabilities and cloud infrastructure to meet posed opportunities. The company added that AI “[could] be a growth multiplier that enables us to better serve our users, customers, and society at large”.

🔥Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says 🟢Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. 🟢The State Duma, the lower house of the Russian parliament, plans to adopt four crypto-related laws during its spring session which ends on July 30, according to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee. 🟢The bills are tailored to regulate cryptocurrency mining, cross-border crypto payments, taxation of digital assets, and liability for their illegal use, the lawmaker detailed, quoted by the Interfax news agency. He emphasized that the draft laws are well thought through. 🟢Aksakov remarked that large Russian companies are already actively using cryptocurrency in foreign trade settlements, but they want to see legislation outlining the legal framework for such transactions. Speaking at the St. Petersburg International Legal Forum, he stated: 🟢Now we have come to the point where four bills are in the stage of practical adoption … It is quite possible that we will adopt all the laws in the spring session. 🟢Anatoly Aksakov also said that the authorities want to take into account the opinions of market participants regarding tax rules. “Most likely, the norms applicable to DFAs will be taken into account as much as possible here, since this is a similar instrument,” he elaborated. 🟢The law “On Digital Financial Assets” (DFAs), which went into force in January 2021, covers only some crypto-related activities, in particular those that involve digital assets with an issuing entity, like tokenized traditional assets or utility tokens, for example.